Washington imposes new financial sanctions against Venezuela

"And by the way, I am not going to rule out a military option", he said.

It outlined a prohibition on dealings with new stocks and bonds issued by the Venezuelan government or its state-owned oil company and Citgo parent, Petróleos de Venezuela (PDVSO).

To view the full article, register now.

While the executive order protects holders of many existing Venezuelan government and PDVSA bonds, it will make the refinancing of PDVSA's hefty debt burden hard and could further push the country toward financing from Russian Federation and China.

Venezuelans who oppose the regime argue that when banks buy the government's bonds, they extend a financial lifeline to a dictatorship.

He said the sanctions were crafted to strike a balance between targeted efforts aimed at cutting Maduro's ability to raise new money while also allowing some exceptions to ensure ordinary Venezuelans are not afflicted. "But if the country continues to embrace dictatorship, the economic pain could be ratcheted up".

But they stop short of cutting off US imports of Venezuelan oil that are crucial both to Venezuela's economy and USA oil refiners.

"Venezuela is not very far away".

The widely anticipated sanctions come days after Vice President Mike Pence hinted earlier this week that Washington would be ramping up pressure on Venezuela.

"The president is making sure that the USA financial system will not be complicit in any future further placement of debt that would allow the Venezuelan government to finance this abhorrent behavior", a senior administration official told reporters.

On Friday, journalists were invited to a shooting range at Caracas' main military base to watch as troops taught a handful of civilian government supporters how to fire assault weapons.

"These sanctions are not against Venezuela, but rather the corrupt people who seek to sell the nation's assets at a discount", opposition lawmaker and economist Angel Alvarado said. The new sanctions are created to pressure the government to switch course.

Maduro is already struggling to combat widespread shortages and triple-digit inflation as oil production - the economy's lifeblood - has tumbled to its lowest level in more than two decades.

Venezuela has taken desperate steps to remain current on its debt throughout the economic crisis and the president has blamed his enemies for spreading rumors about any impending default.

Share this:

Hot News

Police attacked near Buckingham PalaceAug 26, 2017 - 01:03
The man was believed to have a sword and two officers were injured when restraining the suspect. A Buckingham Palace spokeswoman said she would not comment on security issues.

AG Paxton: Texas will appeal voter ID rulingAug 25, 2017 - 00:41
Texas has essentially been fighting to preserve the law since it was passed by the GOP-controlled Legislature in 2011. Texas had made the changes after the same judge compared the original version to a "poll tax" on minorities.

Here are the 28 Kmart stores that Sears is closing nextAug 25, 2017 - 00:38
On Thursday, Sears Holdings released their list of 28 Kmart stores that will be closing later this year including one in Topeka. With a double digit comparable sales decline, the second quarter proved hard for Sears Holdings and its store network.

Xena Warrior Princess Reboot is Not Moving Forward at NBCAug 24, 2017 - 01:38
Slate reported that the reason behind the departure of Grillo-Marxuach was due to creative differences between him and NBC. This was something Grillo-Marxuach hoped to correct, as he revealed to THR earlier in the year.

Mark Wahlberg named 2017's highest-paid male actorAug 24, 2017 - 01:36
Emma Stone who is rumored to be reuniting with ex Andrew Garfield is the highest-paid actress in 2017. The actor banked $49 million mostly from Chinese films, earning him a spot at no. 5 on the list .

64 percent in Michigan 'embarrassed' by President TrumpAug 24, 2017 - 01:30
MI voters gave Democrats a 13 point advantage over Republicans when asked who they preferred to control Congress after 2018. Some 60% of voters in all three states said they believe the US' role on the worldwide stage has been weakened by Trump .

Barcelona to sue Neymar for alleged breach of contractAug 23, 2017 - 00:33
Neymar made his PSG debut August 13 after the French club paid his $260 million transfer fee, by far a soccer record. Barcelona and Neymar have been involved in a off-the-field battle since the player joined PSG on 3 August.

HTC Vive VR headset gets a $200 discountAug 22, 2017 - 00:29
As Engadget first reported , the news may be coming in light of the recent discount Oculus made to its own headset , the Rift. Vive now supports more than 3,600 titles across Steam and Viveport with new high-quality games arriving from popular studios.

US Temporarily Halts Nonimmigrant Visas For RussiansAug 22, 2017 - 00:26
Congress approved sanctions against Russia for meddling in the 2016 U.S. election and for its aggression in Ukraine and Syria. It added that in September it was planning to issue a block of visa appointments to students studying in the U.S.